The far-lefties who give themselves the name
"progressives" want to stick it to the wealthy
in any way they can, in large part to fund their
dream programs and to expand existing ones.
Their battle cry is "Tax the Rich!" and they have
taken their campaign from state to state, recruiting
and running like-minded candidates for public
office on that very theme.
Colorado has a pretty low 4.4% flat income tax
which has been a great attraction for businesses
and up-and-coming professionals, helping to
grow the state's population over the past 20 years.
But now the progs want to replace Colorado's
flat tax with one that has high graduated rates.
Why?
Such a move would make Colorado more like
California, New York, Illinois, and other high-tax
states which many of its residents have fled.
The proposed ballot Initiative 195 would replace
the flat rate with six income brackets ranging from
3.7% for individuals earning up to $25,000 to
8.4% for those earning above $1 million.
Furthermore, the brackets would not be adjusted
annually for inflation. More people would rise
into higher income tax brackets, resulting in paying
more in tax as they proceed. As many small businesses
typically pay at individual rates on pass-through income,
many would get clobbered with large increases.
A family farm that has a good year would be punished
for their successful year with a higher tax tab.
Such would be travel along route I-195.
Under I-195, Colorado would have the highest top tax
rate in their region of the country; Wyoming has no
income tax, Arizona's top rate is 2.5%, Utah weighs in
at 4.45%, and New Mexico at 5.9%
Colorado has, like most states, been seeing healthy
revenue growth because of strong capital gains.
Progressives, however, are trying their damnedest to
soak the rich via millionaire taxes such as in Washington
state (9.9%), Rhode Island (8.99%) and Maine (9.15%).
If a recession occurs, these voracious left-wingers will
simply raise taxes even higher. Theirs and government's
needs above those of the people at all times, don't you know.
In summation, the progs want more money to hand out via
expanding entitlement programs and to reward their union
allies for their electoral support. History tells us that once
that kind of tax system is installed, spending continues to
rise as revenue rises and the rates predictably come along
for the ride. And in case you thought, my sharp readers,
that all Democrats favor this robbery, Colorado's
term-limited governor Jared Polis (D) has declared that a
progressive income tax would be "absolutely devastating"
to the state's economy. Gov. Polis is, no pun intended,
on the money.
MEM